26 August 2024 – Banks and insurers continue to rate the Reserve Bank highly, according to the latest Relationship Charter Survey published today.
In this year’s survey, 92% of registered banks, 81% of licensed insurers, and 94% of licensed non-bank deposit takers, NBDTs, rated their relationship with the Reserve Bank ‘good’ or ‘very good’.
Our relationship charter sets out principles for maintaining the best regulator-regulated relationships possible and commits RBNZ, Te Pūtea Matua and the financial sector to a mutual understanding of appropriate conduct and culture.
Director of Prudential Supervision Scott McKinnon says the Charter is an intrinsic part of the Reserve Bank’s regulatory role – and ultimately helps strengthen the financial sector.
“The Relationship Charter remains at the core of our approach to the supervision of regulated entities, as strong, constructive relationships with firms result in good regulatory outcomes for New Zealand,” he says.
“Firms are surveyed to gauge how we performed against the mutual commitments and undertakings, and we’re pleased that we’ve continued to perform highly in our relationships with the sectors. We also gleaned valuable information on ways we can improve, most notably this year in our engagement with the insurance sector, where satisfaction fell slightly but was still above 2022 levels.
“Over the next 12 months the Reserve Bank will be focusing on the way we engage with the insurance sector on policy development matters, while continuing to strengthen the relationship we have with the wider insurance sector including industry bodies.”
The Relationship Charter was launched in 2018, and this is the fifth year the Reserve Bank has commissioned a survey of how key stakeholders consider it is performing against the commitments in the Charter.
The survey involved an online survey of representatives from the boards and senior management of banks, NBDTs and insurance companies. In total, there were 87 responses from banks, along with 18 from NBDTs and 64 from insurers.
More information
Relationship Charter Performance Report 2024
https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=e5998878d4&e=f3c68946f8
Our relationship charter with regulated entities
https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=18fce4e61a&e=f3c68946f8
